New Writers: Understanding Your First Payment Check

Aspiring writers will find their instant triumphant moments in two things – first accepted submission or proposal and the first payment check in hand. It is indeed an overwhelming experience and somehow becomes an implicit confirmation that you are indeed a potential writer.

Oftentimes aspiring writers are too focus with these two things and their frustrations start to creep in after realizing how complicated it is to encash a check especially for international checks. So before you start planning on how to spend your first payment check, it is helpful for you to understand its process. In this way, you can avoid any delays and future hassle between you and the publication.

Generally the payment method of any established publications is in the form of checks or bank transfer. To encash an international check, it will usually take weeks as there are certain bank protocols to follow. The check will initially be cleared in the local bank and next to the bank where it is originally issued. Along this process, you have to consider also the time difference and the working days. In some part of the continent, weekends are Friday and Saturday. It means the transactions between your local bank and the other bank will take place only from Monday until Thursday. The time difference between continents or countries will also affect the transaction speed.

All this extensive process entails bank charges too which will be debited from the amount in your payment check. If it is really a big chunk, then perhaps it is worth to go through all this process.

Another thing is to note the way the dates are written in the check as each country has its own custom. Usually payment checks issued to you are current dated checks. Confusion starts if the date is written in numeric format. Therefore a check with a date of 05/04/2008 can be interpreted as May 4, 2008 or April 5, 2008. It will not harm you to inform your publication about this matter rather than going to the bank and end up having a post dated check instead.

When you are on the process of discussing with the publication about the mode of payment, you can suggest to them to do the money transfer, a preferred and efficient way of receiving the payment. Though it will take around one week, it is still faster compared to payment check. When providing your bank details to the publication, it is necessary to include the swift or bank code of your account. It is usually comprised of 8-11 alphanumeric characters and can be obtain easily from your bank. Swift code is an identification code for all existing legal banks worldwide and it is always required in any international wire transfers.

Having this knowledge will help you and the publication to expedite the payment.